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China’s electric vehicle and climate ambitions jeopardized by surging critical material prices
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China’s electric vehicle and climate ambitions jeopardized by surging critical material prices
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Journal Article
China’s electric vehicle and climate ambitions jeopardized by surging critical material prices
2023
Overview
The adoption of electric vehicles (EVs) on a large scale is crucial for meeting the desired climate commitments, where affordability plays a vital role. However, the expected surge in prices of lithium, cobalt, nickel, and manganese, four critical materials in EV batteries, could hinder EV uptake. To explore these impacts in the context of China, the world’s largest EV market, we expand and enrich an integrated assessment model. We find that under a high material cost surge scenario, EVs would account for 35% (2030) and 51% (2060) of the total number of vehicles in China, significantly lower than 49% (2030) and 67% (2060) share in the base-line, leading to a 28% increase in cumulative carbon emissions (2020-2060) from road transportation. While material recycling and technical battery innovation are effective long-term countermeasures, securing the supply chains of critical materials through international cooperation is highly recommended, given geopolitical and environmental fragilities.
Under a high-cost scenario for battery critical materials, the uptake of electric vehicles in China may be greatly reduced, leading to increased cumulative carbon emissions. This may jeopardize both China’s electric vehicle and climate targets.
